Shrinking Lots: Spec Building New Norm
The share of smaller lots remained record high in 2024, with two out of three…
Shrinking Lots: Spec Building New Norm
The share of smaller lots remained record high in 2024, with two out of three new single-family detached homes sold occupying lots under 9,000 square feet (1/5 of an acre or less). Moreover, a high share of 40% occupied lots under 7,000 square feet (or less than 1/6 of an acre). These shares match the…
Remodeling Market Sentiment Dips in Second Quarter
In the second quarter of 2025, the NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 59, down four points compared to the previous quarter. While this reading is still in positive territory, some remodelers, especially in the West, are seeing a slowing of activity in their markets. The second-quarter reading of 59 marks only the…
Mortgage Applications Picked Up in June as Rates Eased
Mortgage application activity picked up in June, supported by a slight decline in interest rates. The Mortgage Bankers Association’s (MBA) Market Composite Index, which tracks mortgage application volume, rose 5.4% from May on a seasonally adjusted basis. Compared to June 2024, total applications were up 21.1%. The average contract rate for 30-year fixed mortgages edged…
Who’s Still Working from Home in 2025? A Look at America’s Telework Trends
Remote work may no longer dominate the U.S. labor force as it did during the height of the pandemic in 2020, but it still represents a substantial share of employment today. According to the latest data from the Current Population Survey (CPS), approximately 34.3 million employed people teleworked or worked at home for pay in…
Top Ten Builder Share Rises Again in 2024
The top ten builders captured a record 44.7% of all new U.S. single-family home closings in 2024, up 2.4 percentage points from 2023 (42.3%). This is the highest share ever captured by the top ten builders since NAHB began tracking BUILDER magazine data on new single-family home closings in 1989. The 2024 share constitutes 306,932 closings…
2024 Multifamily Construction: Units Completed Reaches 38-year High
Multifamily units completed in 2024 recorded their highest level since 1986 at 608,000 units, according to NAHB analysis of the Census Bureau’s Survey of Construction. For the eighth consecutive year, most multifamily units were in buildings with 50 or more units (these will be labeled as high-density buildings). As shown below, this trend is relatively…
Solid Job Growth in June
The U.S. labor market continued to show resilience in June, with steady job gains led by state/local government and health care sectors. The unemployment rate edged down to 4.1%, signaling ongoing strength in hiring despite persistent economic uncertainty. However, there were some indications that the headline number overstated the health of the labor market, including…